For several years, shopping-mall king David Simon has been angling for a big deal that would further entrench his company as one of the most dominant, far-reaching shopping-center owners in the world.

Now he has found it. After falling short in his efforts to buy two big mall owners in 2010, he has now chalked up a big prize with his $2 billion purchase of a controlling stake in French retail landlord Klépierre SA.